T 2S - T he vie w fro m E uro c le ar Paul Symo ns He ad o f - - PowerPoint PPT Presentation

T 2S - T he vie w fro m E uro c le ar

Paul Symo ns He ad o f Public Affairs E uro c le arSA/ NV 2 Oc to be r 2007

E uro c le ar’ s vie w o f T 2S

We share the E

CB’ s visio n o f an inte g rate d E uro pe an Capital Marke t

– T his drive s o ur busine ss mo de l – Pro duc ing c lie nt saving s o f E uro s 300 mn a ye ar

E

uro c le aris ne ithe r fo r, no r ag ainst, T 2S

We are c o nstruc tive …. … but que stio ning … … and sc e ptic al that T

2S c an de live r ag ainst the visio n

– Be c ause that re quire s ‘ c o nso lidatio n’ to be ac c o mpanie d by ‘ harmo nisatio n’ and … – … c usto dy harmo nisatio n in partic ular

Can CSDs de c o mmissio n syste ms ?

T

2S is an additio nal, vo luntary, E uro pe an infrastruc ture …

… pre dic ate d o n the assumptio n that se ttle me nt syste ms c an

de c o mmissio n syste ms

But de c o mmissio ning is no t a po lic y c ho ic e

– Dic tate d by func tio nal, o pe ratio nal, and le g al issue s … – … and se rvic e le ve l c o nside ratio ns

CSDs still re spo nsible fo r asse t se rvic ing , c o llate ral, and no n-

e uro se ttle me nt

I

f CSDs c anno t de c o mmissio n, the c o sts o f T 2S are in additio n to tho se o f the CSDs

Ope n que stio ns?

L

e g al issue s?

– With who m do the CSDs c o ntrac t? – Nature o f the o utso urc ing ? – Will CSDs be in full c o ntro l o f the o utso urc ing as re g ulato rs de mand?

Go ve rnanc e I

ssue s?

– Will T 2S be run by the E uro syste m?

Dire c t Co nne c tivity to T

2S fo r use rs?

– Do e s it make e c o no mic se nse ? – Co nne c tivity will also still be ne e de d to the CSD ! – Duplic ating infrastruc ture ?

Matc hing ?

– Will it o c c ur in T 2S? – E CSDA has o ffe re d to de live r a matc hing so lutio n o utside T 2S

Pric ing

Hig hly public re fe re nc e s to po te ntial T

2S se ttle me nt c o st o f 29 E uro c e nts

But CSDs also pro vide o the r se rvic e s that e quate to aro und

40% o f e xisting se ttle me nt c o sts

– Re c o nc iliatio n – T raining – He lp de sks – Ope ratio ns – Re po rting se rvic e s

T

• tal e nd-to -e nd c o sts are the ke y

Ho w will T

2S ac tually affe c t yo ur c o sts and the se rvic e s yo u

• ffe r to yo ur c lie nts?